illustration (attribution, if any possible, is at the end of the article)
"Seeing reality as it is" might be seen as the goal of Buddhist practice. This includes all aspects of 'reality', with equanimity… so this rejects any idea that spirituality is separate from politics! For example, generosity is the first "perfected quality" (parami/paramita) and it isn't disconnected from political implementation; likewise, the "do not harm" principle isn't disconnected from political implementation…
You have to give it to Republicans that, if they were stand up comedians, they would probably be good at their job! As 'representative' of the people, either they're really bad, or the American people is particularly bent on hurting itself!
114th Congress, 1st session [why wait? Limiting reproductive rights of women couldn't wait one minute, why would scamming taxpayers wait any longer?]
H. R. 37
Section 1. Short title.
This Act may be cited as the ‘‘Promoting Job Creation and Reducing Small Business Burdens Act’’.
Now, given that the Republicans have not proposed one single positive measure for jobs for the last 6 years, you might naïvely think "Wow! At last! Not a minute too soon!" But that would be falling for a lie!
The bill starts with a few wording amendments to previous laws, enough to look benign and send to sleep anyone who would be curious and would look at the text… It adjusts a few details for small companies, start ups, so really nothing sizeable in the whole picture; and what it adjusts is minor —although maybe there's enough loopholes in there for this too to be backed by Wall-Street (subsidiaries can be handy!).
Then comes the meat of this new law (and the proof of the blatant bribery of the Republican Congress as well as the proof that the US are governed by banks —and is a democracy only in name):
Title VIII — Restoring proven financing for American Employers Act [One has to love the creativity in naming act and sections]
Sec. 801. Rules of construction relating to Collateralized Loan Obligations
adding at the end the following:
"(B) CONFORMANCE PERIOD FOR CERTAIN COLLATERALIZED LOAN OBLIGATIONS.—
"(i) IN GENERAL.—Notwithstanding subparagraph (A), a banking entity or nonbank financial company supervised by the Board shall bring its activities related to or investments in a debt security of a collateralized loan obligation issued before January 31, 2014, into compliance with the requirements of subsection (a)(1)(B) and any applicable rules relating to sub- section (a)(1)(B) not later than July 21, 2019."
And this! ladies and gentlemen, is how the American bribed Congress is cynically postponing the Dodd-Frank reforms of the financial institutions (that collapsed the economy then got bailed with taxpayer money) by 2 years for no other reason that this will allow to abuse the taxpayers (by not asking systematic risk to be covered properly… hence leaving the 'tab' open) two more years and increase inequality a bit more.
As 50% of the Congress is now millionaires, of course they're completely interested in "Promoting Job Creation and Reducing Small Business Burdens"! Are voters really, actually buying this?
Last time I checked the banks using CLOs in bulk are not "small business".
More than 700 registered lobbyists (seriously, voters?) with a budget around $100 million per year are constantly undermining Dodd-Frank reforms.
In 2014, Wall Street banks and other financial interests had spent well above the billion dollars (which is either taxpayer money or milked on the back of the weakest customers…) on campaign contributions and lobbying combined. Wall Street has proven a reliable donor to many representatives, and particularly to members of the House Financial Services Committee. Any representative in need of reelection knows where to ask for money to campaign; just don't imagine for a second that Wall Street gives money for nothing!
During the last Congress, Rep. Jeb Hensarling of Texas, the Republican chairman of the committee, received donations on 13 separate occasions from political action committees run by Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase. According to the regulators, 95% of derivatives trading is conducted by five firms: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. Recognise a few names?
By keeping such derivatives trading under their federally regulated banking arms for two more years (at least… because if the lie works now, why not renew it in due time?), they get to keep borrowing costs down and profit highs, by implicitly pushing the risk on taxpayers! It worked so well last time, increasing inequality, hurting the already poor, enriching the already wealthy, why not plant the seed for a repeat?
Wake up! Calling this "Promoting Job Creation and Reducing Small Business Burdens Act" is not "seeing reality as it is"!